HAL, BEL and Bharat Dynamics rise after defence ministry approves Rs 45,000 crore deal
The defence ministry on Friday approved nine capital acquisition projects worth Rs 45,000 crore for the armed forces. BEL, meanwhile, has received an order of Rs 2,118.57 crore from Cochin Shipyard Limited for the supply of various equipment comprising sensors, weapon equipment, etc.
Defence stocks such as Hindustan Aeronautical Limited, Bharat Electronics, Bharat Dynamics, and Paras Defence are flying higher, while shares of Cochin Shipyard were trading down in morning hours on Monday (September 18), three days after the defence ministry approved nine capital acquisition projects worth Rs 45,000 crore for the armed forces.
ZeeBiz takes you through the performance of prominent defence stocks.
Hindustan Aeronautics Limited (HAL) shares made a good start in early morning deals on Monday, rising higher by 1.53 per cent, or Rs 1.53, at Rs 4,007.60, three days after after the Defence Acquisition Council (DAC) approved Acceptance of Necessity (AON) for the procurement of 12 Su-30MKI Aircraft.
India Vs Australia LIVE Score, 3rd ODI Match Updates, IND VS AUS live Scorecard: Rohit Sharma's men eye clean sweep against struggling Aussies at Rajkot
Traders' Diary: Buy, sell or hold strategy on Nykaa, SBI Life, Wipro, DMart, Bata, over a dozen other stocks today
Gold and Silver price today (September 27, 2023): Precious metals trade under pressure amid strong US yields; Gold holds Rs 58,300 level
HAL will be the key party in completing this order. Last week, the stock hit its 52-week high of Rs 4,180.
Bharat Electronics (BEL)
The stock of BEL was rising higher by 3.17 per cent, or Rs 4.30, at Rs 140.00, in the first trading session after the company received an order of Rs 2,118.57 crore from Cochin Shipyard Limited for the supply of various equipment comprising sensors, weapon equipment, etc.
As per the statement, BEL will also provide Cochin Shipyard fire control systems and communication equipment for six numbers of next-generation missile vessels (NGMV) and a class of anti-surface warfare corvettes for Indian Navy.
This project will have the participation of Indian electronics and associated industries, including MSMEs, which are sub vendors of BEL, the company said in its BSE filing on Friday.
The company seems to be cashing in on the upbeat mood in the defence stock segment as its shares jumped 1.95 per cent, or Rs 20.80, at Rs 1,084.85 each in the morning hours on Monday.
Cochin Shipyard Ltd
While BEL shares were up after receiving an order from Cochin Shipyard, the latter opened the trading session on a lower note, sliding 0.85 per cent, or Rs 9.40, at Rs 1,097.05 on Monday morning.
The company's shares in the last five sessions have not done well as they are down 5.15 per cent.
This is in stark contrast to its performance in the last one and six months, when it has soared 30.11 per cent and 138.49 per cent, respectively.
Two days after it held its investor meet, the stock of Paras Defence is trading higher by 0.94 per cent, or Rs 7.15, at Rs 767.30, on Monday.
Its performance on Monday is a change from its performance in the last five trading sessions when it has slid 3.70 per cent.
Prior to that, the company's share has made a remarkable rise in the last one and six months, when it has soared 16.66 per cent and 60.27 per cent, respectively.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
India vs Australia 3rd ODI Free Live Streaming: When and How to watch IND VS AUS match live on Web, tv, mobile apps online
NPS Tier II Default Scheme: Flexibility, easy withdrawals, and no minimum balance; here's what makes it a smart choice